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869 Towne Street Costa Mesa, CA 92627

3 Beds 3 Baths 1,725 sqft Built 1957

$949,900

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $550.67
  • 2 Days on Market
  • MLS # : OC20239116
  • Updated Date : 11/14/2020 at 13:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,725 sqft
  • Baths : 3 full
Listing Agent

Prestige Realty

Listing Agent's Description

Don't wait - this charming Modern farmhouse won't last long! The house was completely remodeled in late 2018 with new roof, windows and doors, plumbing, electrical, HVAC, insulation, stucco and siding, driveway and landscaping. The home's open floor plan allows for indoor/outdoor living at its best. Exposed beam and vaulted ceiling in living room draw you through the 12 ft sliding glass doors to the over-sized patio with custom pergola and huge backyard. The large open kitchen has new GE Cafe' stainless steel appliances, built-in drawer microwave, fireclay farmhouse sink, and granite countertops. The master suite has its own private patio access through French doors, vaulted ceiling with fan, dual walk-in closets, double vanity and large glass enclosed shower. Rustic elements throughout include distressed wood accent wall in dining room and on kitchen peninsula seating area, sliding barn door, and rustic bathroom vanities. Wood laminate flooring throughout. Modern amenities include tankless hot water heater, Bluetooth enabled programmable thermostat, recessed lighting, keyless entry, and Ring doorbell. Gas fireplace in living room has custom mantle. Separate laundry room. Centrally located near Triangle Square and Newport Beach.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k841k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21600180020002200240026002800300032003400Rent in $15943537

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Whittier Elementary School Primary Regular 729 27 3
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Whittier Elementary School

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 27
3
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$854,910$1,044,890$949,900

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$3,505
Property Tax -$907
Property Insurance -$69
Property Management Fees -$186
CASH FLOW
-$867

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$949,900

PROJECTED PRICE

$3,800

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,474

INVESTMENT

$257,474

Down Payment
$237,475
Rehab Estimate
$5,750
Closing Costs
$14,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,475
Loan Amount $712,425
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$15,020

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,800

    LIST RENT
  • $2.2

    LIST RENT PER SQFT
  • $4,153

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$3,9953$4,0004$4,1675$4,200
$4,200
RENT COMPS ANALYSIS
  • 869 Towne Street Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1957 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.20
    •  
  • 1919 Federal Avenue Costa Mesa, CA 2
    • 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,841 Sqft ∙ Built 1954
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $2.17
    •  
  • 19 Gretel Court Newport Beach, CA 3
    • 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1973
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.10
    •  
  • 909 Arbor Street Costa Mesa, CA 4
    • 3 beds 3 baths ∙ 1,526 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,526 Sqft ∙ Built 1954
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,167
    • $2.73
    •  
  • 4308 Patrice Road Newport Beach, CA 5
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1963
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.63
    •  
PROPERTY LISTING DETAILS
Della Hysten
Prestige Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20239116
Last Updated: 11/14/2020
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